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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2019-02-28 00:00:00",
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  "notes": "Uses a stacked area chart to show revenue projections and pull-quotes to highlight management's past over-optimism.",
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      "text": "Based on Celgene’s most recent track record of overpromising and under-delivering on highly-touted pipeline products – specifically, the termination of GED-0301 and the refusal-to-file (“RTF”) for ozanimod – we question whether management’s projections are sufficiently conservative.",
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      "text": "‘19 – ‘28 Wall Street Maximum Est. for Celgene Near-Term Launch Pipeline Products",
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      "text": "pipeline revenue estimates",
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      "text": "Based on Celgene’s most recent track record of overpromising and under-delivering on highly-touted pipeline products – specifically, the termination of GED-0301 and the refusal-to-file (“RTF”) for ozanimod – we question whether management’s projections are sufficiently conservative.",
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      "kind": "paragraph",
      "text": "However, Bristol-Myers management estimates for the five near-term product launch opportunities approximate the maximum of Wall Street analyst estimates.",
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      "text": "And then you have ozanimod, GED-0301. Both of those – as I mentioned before, ozanimod is a $4 billion to $6 billion asset. GED-0301 for Crohn’s disease could be transformational as well. In our opinion, it’s probably a multi-billion dollar asset as well.",
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      "kind": "quote",
      "text": "Focusing on execution, the NDA for ozanimod in RMS was submitted on the heels of two positive global Phase III studies. We are currently building out a strong neuro-inflammation team to execute a launch and unlock the value of this important product.",
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      "text": "\"And then you have ozanimod, GED-0301. Both of those - as I mentioned before, ozanimod is a $4 billion to $6 billion asset. GED-0301 for Crohn's disease could be transformational as well. In our opinion, it's probably a multi-billion dollar asset as well.\" — Patrick Flanigan, Corporate VP – Investor Relations, March 2017; \"Focusing on execution, the NDA for ozanimod in RMS was submitted on the heels of two positive global Phase III studies. We are currently building out a strong neuro-inflammation team to execute a launch and unlock the value of this important product.\" — Scott Smith, President & COO, January 2018",
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      "text": "Source: Wall Street Estimates, Company Investor Relations, Starboard Estimates.",
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      "text": "Select Celgene Management Commentary on GED-0301 and ozanimod",
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